The composite of 11 Canadian centres has dropped by 1.31 per cent from the peak in September 2018.

The index is established by tracking observed or registered home prices over time using data collected from public land registries. All dwellings that have been sold at least twice are considered in the calculation of the index.

Throughout Canada, the index was up 0.5 per cent from the month before, the first monthly gain in nine months.

“On the other hand, for a month of May it was the smallest rise in 21 years of index history. If seasonally adjusted, the index would have been down 0.4 per cent on the month. Unadjusted indexes were up on the month for nine of the 11 metropolitan markets of the composite index, the exceptions being Vancouver (-0.2 per cent) and Edmonton (-0.3 per cent). Calgary was up 0.3 per cent, Winnipeg 0.5 per cent, Toronto 0.7 per cent and Victoria 0.7 per cent, but indexes for these four markets were down when seasonally adjusted. Index changes for Montreal (+0.5 per cent), Quebec City (+0.8 per cent), Halifax (+0.9 per cent), Ottawa-Gatineau (+1.9 per cent) and Hamilton (+2.2 per cent) would have remained positive after seasonal adjustment,” said the report.

For Vancouver, it was a 10th straight month without a rise. If the index was purged from seasonal variation, the number of consecutive months without a rise ranged from 17 for Calgary to three for Toronto and Winnipeg. The index for Victoria would have declined in three of the last four months. So when seasonal variations are taken apart, zones of weakness subsist, explained the report.

“The recent weakness of indexes for several markets is reflected in the 12-month advance of the composite index, which at 0.7 per cent in May was the smallest since November 2009. The 12-month change was pulled down by the markets of Western Canada: Vancouver (down 4.1 per cent from a year earlier), Victoria (-0.4 per cent), Calgary (-3.2 per cent), Edmonton (-1.1 per cent) and Winnipeg (-1.5 per cent). The 12-month change was positive for Halifax (2.1 per cent), Quebec City (2.1 per cent), Toronto (2.6 per cent) and, signalling vigorous markets, Hamilton (5.1 per cent), Montreal (5.3 per cent) and Ottawa-Gatineau (6.1 per cent),” it said.